Require cost-of-living adjustments for retirees for any public power district that operates a defined benefit plan

LB 571 requires Nebraska public power districts with defined benefit retirement plans to provide annual cost-of-living adjustments (COLAs) to certain retirees starting January 1, 2026. The COLA must match the annual adjustment determined by the federal Social Security Administration. This applies specifically to retirees who are not eligible for Social Security benefits. The bill directly affects public power district retirees in Nebraska whose retirement plans are defined benefit plans, ensuring their benefits keep pace with inflation as measured by Social Security's annual adjustment.